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Dealing with money worries

It’s September, and for many students across the UK that means going back to campus. The start of term can be stressful at the best of times — and you would hardly call 2020 “the best of times”.

Everyone seems to be throwing the word “unprecedented” around, and there’s some truth to that — the COVID-19 pandemic has impacted the world in ways that most of us have never seen before.

We asked students about their biggest worries when it comes to going back to campus, and money worries were at the top of the list. In fact, money worries were higher than worries about COVID-19 — 61% of students listed money as a worry, and 51% listed COVID-19.

Of course, it’s not like those two things are unrelated. The COVID-19 pandemic has had a huge impact on the economy. A lot of people are struggling financially right now — Students are 2.5 times more likely to lose a job, work is harder to come by, and 46% of students are planning to apply for hardship or support funds before the start of the academic year.

There’s no simple solution to any of these issues. Everyone’s circumstances are going to be different, and there will be different approaches that work better for different people. 

That being said, there’s one thing that always helps when it comes to dealing with money worries, and that’s arming yourself with knowledge. The more you know about what’s happening, and the better you understand your situation, the more prepared you’ll be to make the right decisions and tackle any money troubles you might face. 

Where to find additional financial help?

  • Check your university website, and ask around in person, or over the phone. 
  • Talk with student services and university staff to find out what support your university is offering to students in difficult financial situations, what funding they have available, and what flexibility they’re willing to offer when it comes to students who need to work. 
  • Go beyond just your university, too, to find out what support is available from government programs, not-for-profits, and private organisations.

If your university is providing you with clarity, communication, and transparency, you can have a better idea of what life on campus is going to look like — which can help build your confidence, so you can keep your money worries under control.

Once you know what to expect, you can start to make a plan — and the more prepared you are for the future, the less there is to worry about.

If you need help with any other aspect of managing your money, Blackbullion can help — just check out our Money Guide.